St. Charles Divorce Law Blog

Working parents in Missouri likely already understand just how complicated day care matters can be. From finding the right facility to dealing with day care-related illnesses, one of the biggest issues parents face is paying the hefty bill. For divorced parents, this payment can usually be addressed and included in their child support order.

Day care tends to be one of the biggest expenses for working parents, and that expense can be an even greater burden for those who are divorced and living on only one income. However, since child support calculations can be incredibly complicated, few parents are aware that they can include the cost of day care. Many parents find this an easier approach than attempting to split the day care bill.

On behalf of Kirk Stange of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, November 29, 2017.

Keegan-Michael Key might be most well-known in Missouri for his comedy work, but he has more recently made headlines for the end of his marriage. His high net worth divorce from Cynthia Blaise was finalized several years after the initial filing. The couple did not have any children, and although they did not have to deal with custody or child support matters, Peele's high net-worth likely complicated the process.

The couple married in Dec. 1998, and separated in Nov. 2015. Although Blaise works as both a dialect coach and an actress, Peele seems to have greatly out-earned his ex-wife. With a gross annual income of over $2 million, the divorce settlement included an order for him to pay alimony to Blaise.

On behalf of Kirk Stange of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, November 22, 2017.

Missouri residents going through divorce likely understand that change is an inevitable part of life. In many instances -- such as in an unhappy marriage that ends in divorce -- change can be a good thing. However, almost all change should usually be considered carefully for how it may impact a person's future. With potential tax reform on the horizon, those going through a high asset divorce should be aware of the possible changes to alimony.

Alimony -- also called spousal support -- are payments made from one ex-spouse to another following their divorce. These payments are usually temporary, and they are typically required when one spouse greatly out-earned the other. Currently, individuals who pay alimony can deduct those expenses on their taxes, and the receiving party must claim their alimony as part of their taxable income.

On behalf of Kirk Stange of Stange Law Firm, PC posted in High Asset Divorce on Tuesday, November 14, 2017.

Whether worth tens of thousands of dollars or significantly less, retirement savings are incredibly valuable to most people. Even relatively small accounts can provide a solid foundation for financial peace during retirement. Many divorcees in Missouri are understandably worried about how their retirement savings will be handled during equitable division.

Unless a marital agreement states otherwise, most retirement accounts are considered marital assets, as the funds were saved with the intention of supporting both parties later in life. It can be tempting to try and skirt the sometimes-complicated process of dividing up a marital estate, but doing so can have costly consequences. Those who opt for this approach usually end up eating away much of their savings in taxes and penalties that might have otherwise been avoided.

On behalf of Kirk Stange of Stange Law Firm, PC posted in Child Custody on Tuesday, November 7, 2017.

You lose hours at your job or get fired, and you do not want to fall behind on your child support payments. You need to move across the state or even out of Missouri altogether, but have a child custody arrangement with your ex. Life is not static, and there is no guarantee that things will stay exactly as they for years to come. When life changes, you might need a modification of child custody plans.

Even if both parents agree to a change in custody or child support, it is not legally binding unless a modification is approved by the family law court. Parents may petition the court for a modification to child support based on an increase or a decrease in either parents' income. Without a court-ordered modification, you might be on the hook for back or missed payments.

On behalf of Kirk Stange of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, November 1, 2017.

Ending a marriage can be stressful, most couples in Missouri would understandably like to push through the process as quickly as possible. However, rushing a divorce is rarely a good idea, particularly for those who have significant marital assets. Complex property division, spousal support and additional expenses can all have a profound financial impact and should be considered carefully.

Marital assets are usually whatever property was acquired during the course of the marriage -- although there are exceptions -- and must be identified before the process of division may begin. Assets must then be valued, which can take quite some time depending on how valuable they are. Certain assets also come with costs, such as property upkeep or taxes. Ultimately, these assets will be divided in a way that is considered most equal or fair to both parties.

On behalf of Kirk Stange of Stange Law Firm, PC posted in Family Law on Thursday, October 26, 2017.

After the venue is booked, dress bought and reception is planned, most engaged couples feel like it is time for them to sit back and wait for the big day. Before propping up your feet and relaxing, you and your fiance should take one more thing into consideration -- a prenuptial agreement. While not what most people in Missouri have on their mind when leading up to their big day, a prenup provides invaluable protections for everyone involved.

Misconceptions about prenuptial agreements abound, but at its most basic the agreement is simply about protecting personal property in the event of a divorce. While virtually no one marries with the intent of divorcing, the reality is that marriages can and do end regardless of each partner's original intentions. It is understandable that people would want protection during this process.

On behalf of Kirk Stange of Stange Law Firm, PC posted in Fathers' Rights on Thursday, October 12, 2017.

Fathers of children born out of wedlock typically have understandable concerns regarding their legal rights. Unfortunately, many Missouri fathers are under the impression that they have fewer legal rights than those who fathered children in a marriage. Once paternity is established, fathers can move forward with establishing custody rights to build a relationship with their children.

The easiest way to establish paternity of a child is for both parents to sign a voluntary acknowledgement of paternity, which can either be done when the child is born or sometime after. Since this document requires both parents, it is not useful in cases of disputed paternity. While many women initiate legal procedures to determine paternity, men may also make the first move and request a court-ordered DNA test.

On behalf of Kirk Stange of Stange Law Firm, PC posted in High Asset Divorce on Tuesday, October 3, 2017.

The emotional cost of remaining in an unhappy marriage often outweighs the potential financial stress created by divorce. While everyone in Missouri should be cautious of their finances during divorce, this is especially true for those going through so-called gray divorces. Divorcing later in life often results in complex property division involving significant financial investments, including homes and retirement savings.

The overall divorce rate has been decreasing over time, but couples over the age of 50 have seen their rate double over the past several decades. While the average cost of getting a divorce is the same for older couples as it is for their younger counterparts, the financial aftermath is much more uncertain. Divorcing close to retirement age leaves less time to financially recover or establish other means to support each individual later in life.

On behalf of Kirk Stange of Stange Law Firm, PC posted in Family Law on Tuesday, September 26, 2017.

The idea of even discussing the possibility of divorce can be abhorrent to many people. TV and movies have a helping hand in this, as they seem quick to vilify those who suggest that a prenup might be a good idea. While some Missouri couples might fare fine without addressing potential issues in a prenuptial agreement, those who have significant personal assets have a lot to lose.

The average age for marriage is going up, fueled mostly by the Millennials who generally do not feel a sense of urgency when it comes to settling down. Instead, this generation tends to spend more time focusing on cohabitating without marital commitment. As the new norm, it is important to prepare for marriage differently than previous generations.

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